Forecast amounts
The updates the forecast balance amount fields on both the projectcontract and projectfundingsource. The amounts can be used as a forecasting and reporting tool for unbilled accounts receivable and unrecognized revenue accruals. The forecast amounts include billable transactions, and any to process milestone billing and revenue amounts. Forecast amounts are calculated including any markups, fees, pass through expenses, allowances and billing maximums. The forecast does not include, retainers, retention, or taxes. The forecast can be run for billing as unbilled AR, revenue as unrecognized revenue, or both. Project contract and funding sources that are not valid are skipped. For example, inactive, on hold, or invalid dates. Project contract and funding sources that are mid-process are skipped. For example, sources that have draft invoices or revenue.
If you use the front end split functionality, generate, journalize, and post front end split distributions before the forecast billing and revenue is run.
Forecasting billing and revenue is based on the same rules as generating invoices and recognizing revenue.
If the revenue recognition method is Combined or Separate, forecasting billing cannot be done if there are any retainer invoices in a Created status for the contract. If the revenue recognition method is Separate, forecasting contract invoices cannot be done if there is any revenue recognition in a Created status. When using the invoice and recognition approval workflow, forecasting billing cannot be generated if these conditions are met:
- There is any revenue recognition reversal in a Journalized status.
- There is an approval status of Submitted for Approval.
You cannot forecast revenue if draft invoices exist. If draft invoices exist, they must be either journalized or deleted in order to forecast revenue.